,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #dafg  ,,in ,,the ,,house ,,of  
,,representatives  ,march #f1 #bjad ,mr4
 ,barr introduced the following bill2   
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,to    
amend section #ac of the ,bank ,holding 
,company ,act of #aief1 known as the    
,volcker ,rule1 to exclude certain debt 
securities of collateralized loan       
obligations from the prohibition against
 acquiring or retaining an ownership    
interest in a hedge fund or private     
equity fund4  #a4 ,short title ,this    
,act may be cited as the ,restoring     
,proven ,financing for ,american        
,employers ,act4  #b4 ,rules of         
construction relating to collateralized 
loan obligations ,section #ac7;g7 of the
 ,bank ,holding ,company ,act of #aief  
7#ab ,u4,s4,c4 #ahea7;g77 is amended by 
adding at the end the following new     
paragraphs3  7#d7 ,collateralized loan  
obligations  7,a7 ,inapplicability to   
certain collateralized loan obligations 

,nothing in this section shall be       
construed to require the divestiture of 
any debt securities of collateralized   
loan obligations1 if such collateralized
 loan obligations were issued before    
,january #ca1 #bjad4  7,b7 ,ownership   
interest with respect to collateralized 
loan obligations ,a banking entity shall
 not be considered to have an ownership 
interest in a collateralized loan       
obligation because it acquires or       
retains a debt security in such         
collateralized loan obligation if the   
debt security has no indicia of         
ownership other than the right of the   
banking entity to participate in the    
removal for cause1 or in the selection  
of a replacement after removal for cause
 or resignation1 of an investment       
manager or investment adviser of the    
collateralized loan obligation4  7,c7   
,definitions ,for purposes of this      
paragraph3  7i7 ,collateralized loan    
obligation ,the term collateralized loan
 obligation means any issuing entity of 

an asset-backed security1 as defined in 
section #c7;a77#gg7 of the ,securities  
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gh;c7a77#gg771 that is comprised       
primarily of commercial loans4  7ii7    
,removal for cause ,an investment       
manager or investment adviser shall be  
deemed to be removed for cause if the   
investment manager or investment adviser
 is removed as a result of--  7,i7 a    
breach of a material term of the        
applicable management or advisory       
agreement or the agreement governing the
 collateralized loan obligation2  7,,ii7
 the inability of the investment manager
 or investment adviser to continue to   
perform its obligations under any such  
agreement2 or  7,,iii7 any other action 
or inaction by the investment manager or
 investment adviser that has or could   
reasonably be expected to have a        
materially adverse effect on the        
collateralized loan obligation1 if the  
investment manager or investment adviser
 fails to cure or take reasonable steps 

to cure such effect within a reasonable 
time4  4